Veronica Co

question 4

Multiple Choice

• A) \$ 140,000 & \$ 140,000 & \$ 140,000 \\
• B) \$ 28,000 & \$ 21,000 & \$ 12,000 \\
• C) \$ 90,000 & \$ 120,000 & \$ 210,000 \\
• D) \$ 12,000 & \$ 21,000 & \$ 28,000
• \end{array}\)

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Definitions:

Inefficient

The condition where resources are not used in the best possible way, often leading to waste and loss of potential gain.

Economy

A system consisting of the production, trade, distribution, and consumption of goods and services by different agents in a given geographical location.

Bowed Shape

A curve representing the relationship between two variables where the curve slopes outward, commonly used to describe certain types of economic functions.

Production Possibilities Frontiers

A figure that depicts the absolute maximum production capacities for two goods, based on a set of inputs that consist of resources and various additional components.